22/08/2019
Retiring & Pensions - Dominican Republic.
Life in the Dominican Republic is quite easy for any retiree. The local people are friendly, the large expat community is very accommodating, as everyone is from somewhere, housing is very comfortable and affordable when compared to the prices in most developed countries. The cost of foods, the necessary staples, and all local products, including those wonderful tropical fruits, will also be very low. One has to remember, though, that most imported products will be more expensive than back home. Private health insurance is necessary here but extremely affordable. However, there are world-class hospital and other medical care treatments with reduced care. Choosing good insurance to accommodate your needs is very important.
A few processes you must be aware of, at the beginning of your stay. The residency process requires a certain amount of paperwork to be done but the benefits far out weight the work required. Once completed you can get your personal items shipped here tax-free, and you won't need to purchase your tourist card every time you enter the country back from visiting the family.
You will experience the 'culture shock'. I would say that the most difficult might be to get used to driving according to local rules of the road. Actually, they are quite simple to describe: there is none. Other things are easier to adapt to: the smiles, the friendliness, the absence of stress...
In terms of money, as you are pensioned you won't need to live as Dominican's do on very low salaries, or worry to find a job, therefore, you should enjoy a very good quality of life. Your pension won't be taxed, ATM's are widespread in cities and main seaside resorts, wire transfers will just take a few days to clear into your local bank account and all the interest from your local financial investment (which can be kept in bank accounts denominated in euros or dollars) will also be tax free.